federal homestead fxemption

[rntuqt]

Unused portion of homestead. I am seeing different amounts for this. One I saw was $8,125 and anohter $10,000 and change. Anone kow where to access the correct amunt?

Thanks. J

[laurannm]

I'm fairly certain the current wildcard amount for unused homestead $10,200.

[pa308]

http://www.thebankruptcysite.org/exemptions/federal.html

This site lists exemptions including the wildcard (homestead exemption not used). 10,125 (x2 if filing jointly)

[Yankeegirl]

I live in Texas, which allows one to use either Texas or Federal exemptions. Can you use a combination of the two or do you have to use one or the other? When we re-file our chapter 7 next year, I would like to use the Federal wildcard exemption in addition to the Texas exemptions. Is this possible?

[laurannm]

I live in Texas, which allows one to use either Texas or Federal exemptions. Can you use a combination of the two or do you have to use one or the other? When we re-file our chapter 7 next year, I would like to use the Federal wildcard exemption in addition to the Texas exemptions. Is this possible?

I don't think it is...you have to use one or the other, but not a combination

[Yankeegirl]

Thanks laurannm. That's pretty much what I thought.

[AngelinaCat]

I live in Texas, which allows one to use either Texas or Federal exemptions. Can you use a combination of the two or do you have to use one or the other? When we re-file our chapter 7 next year, I would like to use the Federal wildcard exemption in addition to the Texas exemptions. Is this possible?

Hi Yankeegirl: Laurannm is correct. You have to use one or the other. Here is the paragraph copied and pasted from the link that pa provided:

If you live in one of the above states, you must choose between using these exemptions or the ones allowed by your state. Be sure to compare the Federal Bankruptcy Exemptions with your state’s exemptions. The Federal Bankruptcy Exemptions can be doubled by a husband and wife filing together. This list updated as of August 2007.

[Yankeegirl]

Thanks AngelinaCat.

We live in Texas which allows you to use either state or Federal. Since we no longer own a house and our cars are older, I think we end up faring better with the Federal exemptions. That way we can use the wildcard exemption and actually exempt some cash!